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11. Alternative Income Index

Data as of

About the Index

All funds in index must be monthly or quarterly paying funds that have a 6%+ with 65%+ of the yield paid February to October (seeking to avoid large year-end dividends to cause inclusion in the index, and not counting special dividends in this calculation for yield). (1) 15% allocation to all the funds in the Hybrid / Balanced Index, equal weight (2) 15% allocation to all the funds in the Multisector Bond Index, equal weight. (3) 14% allocation to funds in the Equity Income Index (non MLP/Non REIT) 1/3 of funds from the index (after MLP/REIT removal) ranked by lowest daily NAV correlation over the past 6 months to the Equity Income Index NAV, equal weight. (4) 14% allocation to funds in the Taxable Bond and BDC Index (non BDC or Multisector funds) 1/4 of the funds from the index (after BDC / Multisector fund removal) ranked by lowest daily NAV correlation in the past 6 months to the Taxable Bond and BDC Index's NAV, equal weight. (5) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the BDCs in our BDC index while allowing only 1 BDC per Fund Sponsor, equal weight. (6) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the MLP funds in our MLP index while only allowing 1 MLP fund per Fund Sponsor, equal weight. (7) 8% allocation to 1/2 of the REIT / Real Asset Funds in our index with the lowest 6 month NAV correlation to the Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. (8) 8% allocation to any non-BDC CEFs that report a quarterly NAV, equal weight. (9) 6% allocation to the 5 Preferred Equity funds in our Preferred Equity Index with the lowest 6 month NAV correlation to the Preferred Equity Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,179.90 0.08 -0.24 0.86 3.32 0.46 3.92 8.38 6.94 1.14 1.14 2.82
NAV 1,131.76 -0.10 -0.35 0.13 1.77 -0.92 4.67 5.59 6.34 0.80 0.80 1.01
Difference -0.18 -0.12 -0.73 -1.56 -1.39 0.75 -2.78 -0.60 -0.35 -0.35 -1.81
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.05 -2.84 -0.61 -2.42 2.52 1.49 0.05 4.10 1.68 - - - - - - - - - 1.68
NAV 2.01 -3.24 -0.92 -2.21 1.49 1.17 -0.24 2.42 0.21 - - - - - - - - - 0.21
Difference 0.96 -0.40 -0.32 0.21 -1.03 -0.32 -0.29 -1.67 -1.46 - - - - - - - - - -1.46
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.56 3.30 0.79 8.85 2.73 -0.23 0.44 2.95 11.80 1.97 -0.94 1.43 2.45 -0.87 -1.20 2.13 0.03 2.49 14.29
NAV 2.31 1.85 0.63 4.86 1.08 0.49 0.71 2.30 7.16 1.65 -0.02 0.61 2.24 0.15 0.35 1.71 2.22 4.46 11.62
Difference -2.25 -1.45 -0.15 -4.00 -1.65 0.72 0.28 -0.65 -4.64 -0.32 0.92 -0.82 -0.21 1.02 1.54 -0.42 2.18 1.97 -2.67
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -5.47 0.24 7.84 2.19 4.64 0.74 3.43 9.03 11.22 4.34 2.37 -0.17 6.63 -2.74 0.72 1.93 -0.15 6.48 17.70
NAV -3.91 -0.74 4.48 -0.34 3.57 1.33 3.17 8.27 7.93 2.75 0.80 2.01 5.65 -1.34 -0.14 2.28 0.76 6.41 14.34
Difference 1.56 -0.97 -3.35 -2.53 -1.08 0.59 -0.26 -0.77 -3.30 -1.59 -1.57 2.18 -0.98 1.40 -0.87 0.35 0.91 -0.07 -3.36
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.55 3.10 -1.29 2.33 2.07 -0.84 -4.86 -3.70 -1.37 -1.93 -3.19 -5.42 -10.20 7.13 -2.06 -3.19 1.57 -8.62 -9.99
NAV 0.06 2.09 -0.37 1.77 1.82 -0.27 -2.32 -0.81 0.96 -0.29 -3.12 -4.35 -7.60 4.18 -1.71 -3.84 -1.54 -9.13 -8.17
Difference -0.49 -1.01 0.92 -0.56 -0.25 0.57 2.53 2.89 2.33 1.64 0.07 1.07 2.60 -2.95 0.35 -0.65 -3.11 -0.51 1.82

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-0.33%
1Yr Disc
-0.97%
3Yr Disc
-2.28%
5Yr Disc
-1.99%
Rel Disc Range (3yr)
61.44%
Mkt Yield
9.25%
Lev Adj NAV Yield
7.45%
After Tax Yield*
7.59%
Est Tax Friction*
1.66%
3Yr NAV Volatiliy
11.84
1 Yr RoC
23.29%
3 Yr Dest RoC
16.43%
Leverage
26.48%
Non Lev Exp Ratio
2.22%
Beta (2yr)
0.42
Equity Exposure
43.51%
Bond Exposure
54.04%
# Holdings
79
Cash Weighted Duration
1.89
Comp NAV TR
0.85%
Comp Discount
3.01%
Net Assets (M)
857
Liquidity - 90d (K)
2,776
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


79 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NIE AG Eq & Convt Incm Fd Allianz 1.40 -5.26 6.59 0.00 0.00 674 2,499
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.38 -0.92 7.63 0.00 32.21 2,024 3,877
ZTR Virtus Glbl Div & Inc Fd Virtus 1.36 2.80 11.89 46.09 28.50 272 1,033
FOF C&S CE Opp Fd Cohen & Steers 1.36 -3.92 8.04 60.24 0.00 368 727
NHF NexPoint Stgc Opp Fd Highland Capital 2.39 -9.45 10.70 4.13 23.10 799 5,256
CGO Calamos Glbl Tot Rtn Fd Calamos 1.37 10.04 8.36 0.00 32.95 111 346
GLV Clough Glbl Div & Incm Fd Clough 1.36 -7.64 10.86 57.06 37.24 95 434
CHW Calamos Glbl Dyn Incm Fd Calamos 1.35 1.35 9.33 0.00 33.62 525 1,388
RIV RiverNorth Opp Fd RiverNorth 1.35 9.48 12.19 12.75 12.31 101 743
SCD LMP Cap & Incm Fd Legg Mason 1.42 -9.47 9.40 54.00 26.40 262 527
GLO Clough Glbl Opp Fd Clough 1.38 -8.33 10.86 26.79 37.10 395 1,593
PKO PIMCO Incm Opp Fd PIMCO 0.93 8.78 8.37 0.00 38.59 379 2,641
BTZ BR Cr Alloc Incm Tr BlackRock 0.93 -13.89 6.65 2.19 31.68 1,489 2,361
DBL DbLin Opportunistic Cr Fd Doubleline 0.94 4.41 9.52 26.80 22.25 300 1,527
PDI PIMCO Dyn Incm Fd PIMCO 0.95 11.59 8.18 0.00 41.47 1,576 6,844
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.94 -5.91 11.17 39.14 29.32 163 1,052
GGM Gghm Cr Alloc Fd Guggenheim 0.92 1.55 10.04 0.00 31.57 157 570
GOF Gghm Stgc Opp Fd Guggenheim 0.89 10.99 10.36 0.00 11.13 544 3,307
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.92 -13.61 7.30 0.00 47.73 1,147 2,297
PFN PIMCO Incm Stgy Fd II PIMCO 0.94 5.33 9.16 0.00 22.36 593 1,915
PFL PIMCO Incm Stgy Fd PIMCO 0.94 7.62 9.11 4.51 23.63 282 961
DSL DbLin Incm Solutions Fd Doubleline 0.94 -1.42 8.91 2.17 28.87 2,077 5,950
RA Brkf Real Ast Incm Fd Brookfield 0.93 -5.43 10.46 48.38 22.69 880 2,219
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.94 0.17 8.27 0.00 45.88 3,260 10,238
PHK PIMCO Hi Incm Fd PIMCO 0.96 32.40 11.34 15.77 25.53 835 4,748
BHK BR Core Bnd Tr BlackRock 0.93 -8.81 6.07 0.00 33.22 759 1,584
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 0.95 43.94 9.63 17.09 23.17 114 1,348
CRF Cornerstone Tot Rtn Fd Cornerstone 0.96 11.12 20.32 76.85 0.00 276 4,564
CLM Cornerstone Stgc Val Fd Cornerstone 0.97 9.86 20.55 76.43 0.00 560 8,070
DNP DNP Sel Incm Fd Duff & Phelps 1.01 17.35 7.16 28.17 28.33 2,686 3,192
GUT Gabelli Util Tr Gabelli 0.99 16.93 10.22 58.92 32.00 265 1,170
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.97 1.20 11.86 75.58 11.00 678 1,902
EOD WF Glbl Div Opp Fd Wells Fargo 1.02 -6.67 11.69 11.63 14.00 273 758
ETJ EV Risk-Mgd Divr Eq Incm Fd Eaton Vance 1.02 -2.12 9.39 47.63 0.00 632 2,266
ETV EV Tx-Mgd By-Wrt Opp Fd Eaton Vance 1.01 3.26 8.39 78.16 0.00 1,046 3,008
ETY EV Tx-Mgd Divr Eq Incm Fd Eaton Vance 1.03 0.72 8.03 65.58 0.00 1,870 3,865
HQH Tekla Health Invstr Tekla 1.04 -9.59 8.31 18.14 0.00 1,040 2,860
BGR BR Nrg & Res Tr BlackRock 0.99 -3.80 6.13 67.11 0.00 471 1,535
IAE Voya AP Hi Div Eq Incm Fd Voya 0.95 -10.91 8.73 80.80 0.00 125 303
EXG EV Tx-Mgd Glol Divr Eq Incm Eaton Vance 1.02 3.56 9.51 90.56 0.00 2,794 5,481
DMO WA Mortg Dfin Opp Fd Legg Mason 1.41 9.15 9.81 0.00 31.30 223 1,013
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 2.60 -1.19 7.15 0.00 33.90 857 1,732
GIM Tmp Glbl Incm Fd Franklin 1.40 -13.79 5.99 0.00 0.00 963 1,629
NBB Nuv Bld Amrc Bnd Fd Nuveen 1.39 -5.13 6.02 0.00 28.47 572 1,233
EFR EV Sr Flt-Rt Tr Eaton Vance 1.37 -7.11 6.06 0.00 31.30 565 1,494
BBN BR Taxable Muni BndTr BlackRock 1.37 -5.95 6.53 0.00 36.28 1,326 3,169
VTA Invsc Dyn Cr Opp Fd Invesco 1.36 -12.61 6.56 9.37 32.22 970 1,871
RCS PIMCO Stgc Incm Fd PIMCO 1.42 34.79 8.78 6.58 27.70 314 1,019
BGB B/GSO Stgc Cr Fd Blackstone 1.40 -5.39 7.88 0.00 36.46 754 1,963
AFT Apollo Sr Flt Rt Fd Apollo Credit 1.36 -8.80 7.17 0.00 33.70 274 1,455
ARCC Ares Capital Corp Ares 1.01 -0.48 9.07 0.00 40.32 7,179 30,203
PSEC Prospect Capital Corp Prospect Capital 1.01 -25.89 10.53 0.00 40.58 3,353 8,744
FSIC FS Investment Corp FB Income 1.09 -13.76 9.62 0.00 42.23 2,221 7,626
HTGC Hercules Capital Hercules 1.03 35.60 9.41 0.00 47.67 902 6,412
TSLX TPG Specialty Lending TSL Advisers 1.03 12.72 8.51 0.00 43.31 1,056 4,812
TCAP Triangle Capital Corp Triangle Capital 1.03 -10.70 10.06 0.00 45.08 642 3,649
AINV Apollo Inv Corp Apollo Investment 1.06 -11.59 10.34 0.00 34.66 1,419 3,728
TCPC TCP Capital Corp Tennenbaum Capital 1.01 -1.07 9.77 0.00 46.66 877 3,046
NMFC New Mountain Fin Corp New Mountain Capital 1.00 1.10 9.89 0.00 47.68 1,033 3,141
GBDC Golub Capital BDC Golub Capital 1.01 16.33 6.83 0.00 45.99 964 3,123
KYN KA MLP Inv Kayne Anderson 0.97 0.72 9.95 93.03 35.59 2,073 5,535
TYG Tortoise Nrg Infra Corp Tortoise 0.98 2.49 9.93 50.00 32.40 1,323 3,858
CEM CB Nrg MLP Fd Legg Mason 0.98 -5.11 10.19 57.85 33.30 1,034 2,351
FEI FT MLP & Nrg Incm Fd First Trust 0.99 -0.31 11.00 65.68 26.37 608 2,081
CEN Center Coast MLP & Infr Fd Center Coast 1.00 1.58 13.89 100.00 35.30 218 2,015
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 0.95 -6.07 9.65 96.21 26.50 450 1,658
GER GS MLP & Nrg Renaissance Fd Goldman Sachs 1.00 -6.19 10.31 22.66 33.94 525 1,651
FMO F/C MLP Opp Fd Guggenheim 0.98 -5.02 11.21 100.00 37.33 430 1,508
NML NB MLP Incm Fd Neuberger Berman 0.99 -7.89 7.53 100.00 25.40 539 1,574
SMM Salient Midstream & MLP Fd Salient 0.99 -11.77 6.86 81.06 28.56 200 713
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.61 -7.74 9.49 35.98 0.27 585 1,621
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.66 -12.76 7.85 4.41 30.71 513 1,213
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.63 -11.72 7.97 66.50 16.00 995 1,840
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.17 -1.37 7.42 2.47 29.30 737 1,429
JPS Nuv Pref & Incm Sec Fd Nuveen 1.20 -7.88 7.57 0.00 34.56 1,965 4,027
FPF FT Imd Dur Pref & Incm Fd First Trust 1.19 -8.08 7.95 0.00 30.85 1,421 4,177
HPS JH Pref Incm Fd III John Hancock 1.18 -0.38 7.90 7.04 34.93 588 970
BANX StoneCastle Fin Corp StoneCastle 3.92 5.10 6.70 0.00 15.44 141 309
OXLC Oxford Lane Cap Corp Oxford Lane 4.24 10.91 14.49 0.00 45.41 290 2,788

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

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Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %